Mr. Marvin Haasen reports
MADISON PACIFIC PROPERTIES INC. (TSX: MPC AND MPC.C) ANNOUNCES THE RESULTS FOR THE NINE MONTHS ENDED MAY 31, 2018
Madison Pacific Properties Inc. has released the results of operations for the nine months ended May 31, 2018.
The results reported are pursuant to international financial reporting standards (IFRS) for public companies.
For the nine months ended May 31, 2018, the company is reporting: net income of $33.1-million (2017: $38.3-million); cash flows from operating activities before changes in non-cash operating balances of $10.1-million (2017: $9.8-million); and income per share of 54 cents (2017, 64 cents). Included in the net income is an after-tax net gain from the fair value adjustment on investment properties of $24.1-million (2017: $22.3-million).
The company currently owns approximately $500-million in investment properties, comprising 49 properties with approximately 1.7 million rentable square feet of industrial and commercial space, and residential development land. Approximately 99 per cent of the available space, excluding properties under development, is currently leased.
For a review of the risks and uncertainties to which the company is subject, see the Aug. 31, 2017, annual management discussion and analysis (MD&A).
The company is pleased to announce that a 5.25-cent-per-share dividend on each of the Class B voting common shares and Class C non-voting shares will be payable Sept. 6, 2018, to shareholders of record on Aug. 17, 2018. The dividend is considered an eligible dividend for tax purposes.
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